Question for those that get some profit last years with litecoin, or doge or bitcoin: If you cash out bitcoin (cavirtex for example) for CDN $, do you have to report it in your tax report as an income?

Question for those that get some profit last years with litecoin, or doge or bitcoin: If you cash out bitcoin (cavirtex for example) for CDN $, do you have to report it in your tax report as an income?

cavirtex says on their site they report your earnings to the government, so I wouldn't try hiding it. Now what you should be able to do is claim some of your electricity towards that if you are registered as a business. Talk to an accountant if its a substantial amount, otherwise just claim it.

How about the CRA? Its a barter system and is only taxable when the exchange of services or goods happens. If you mine it and sit on it, then it is not taxable. I have talked to my accountant and in all honesty no body really knows how to deal with it. but the CRA wording on it at this point is pretty clear it is NOT a currency.